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AFCA: The new EDR for all Australian forex brokers

The federal executive government of Australia announced it will introduce a comprehensive package of measures to strengthen the accountability and competition in the country’s financial system. These include setting up of a single external dispute resolution (EDR) body for the financial services companies – the Australian Financial Complaints Authority (AFCA).

According to a document published on the site of the Australian Treasurer Scott Morrison, AFCA will replace the two existing EDR authorities, approved by ASIC - the Financial Ombudsman Service and the Credit and Investments Ombudsman. All financial firms that deal with consumers, including forex and CFD brokers, will be required by law to be members of AFCA.

The task of the new one-stop shop will be to deal with all financial disputes, substantially improving outcomes for individuals and businesses and ensuring that consumers have access to free, fast and binding dispute resolution. The initial plans for AFCA envisage a monetary limit of AUD 1 million and a compensation cap of at least AUD 500,000 for financial disputes.

The AFCA will be under the oversight of the Australian Securities and Investments Commission (ASIC), which will require financial firms to report on their internal dispute resolution activity.

Australia has become a popular forex hub due to the well-balanced regulation of financial service providers. The Australian watchdog exercises effective supervision and applies certain to licensed brokers such as a minimum capital requirement of AUD $ 1 million, reporting standards and the obligation to keep client money in segregated accounts. The only thing that seems to be missing is a compensation scheme in case a regulated company becomes insolvent.

FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.

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